Best Secured Credit Cards in Canada

Do you have bad credit or no credit? Are you afraid of being denied by a regular credit card application? Find a secured credit card that can help rebuild your credit history or start from scratch.

Some credit cards come with an annual fee and some do not. The general rule for this is that the greater the rewards, the larger the annual fee. The annual fee is charged once per year and is added to your credit card statement. If you don't mind paying an annual fee, select I don't mind. If you'd prefer not to pay to use a credit card, select None. Some rewards credit cards have an annual income requirement. Enter either your personal or household annual income here, as it may affect which credit cards you are able to apply for.

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What type of rewards do you want to earn for every dollar you spend? Is cash back important to you? Would you prefer gift cards or store credit? What about free flights and hotels? Think about what's most important to you and what would help your budget the most, then look for the best cards to offer that reward. Do you have a preference of whether you want a Visa, MasterCard or American Express card? Select which network you'd prefer, or select "All" if you don't have a preference.
There are a number of lenders and companies that issue credit cards - and they aren't just financial institutions. If you would prefer to get a credit card from one specific credit card issuer, choose the one you want. Otherwise, select All banks. Most credit cards have a minimum credit score requirement. Select your credit score to filter your credit card results based on your credit score and which cards you are most likely to be approved for. If you aren’t sure what your credit score is, select “Not sure”, and your results will be filtered without taking your credit score in to account. There are many different credit card reward programs available. If you have a preferred reward program, such as Aeroplan Miles, select your choice using the dropdown. Note that each card only uses one reward program. Enter the dollar amount you spend each month on your credit card. Edit your monthly spend by each spending category in the 'monthly spending by category' tab below.

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Some credit cards come with an annual fee and some do not. The general rule for this is that the greater the rewards, the larger the annual fee. The annual fee is charged once per year and is added to your credit card statement. If you don't mind paying an annual fee, select I don't mind. If you'd prefer not to pay to use a credit card, select None. Some rewards credit cards have an annual income requirement. Enter either your personal or household annual income here, as it may affect which credit cards you are able to apply for.

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Do you carry a balance on your credit card each month? This isn't how much you spend on your card, but how much you typically carry over into a new month. If so, write that amount here, so we can calculate how much interest you'll be charged.

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There are a number of lenders and companies that issue credit cards - and they aren't just financial institutions. If you would prefer to get a credit card from one specific credit card issuer, choose the one you want. Otherwise, select All banks. Most credit cards have a minimum credit score requirement. Select your credit score to filter your credit card results based on your credit score and which cards you are most likely to be approved for. If you aren’t sure what your credit score is, select “Not sure”, and your results will be filtered without taking your credit score in to account. Do you have a preference of whether you want a Visa, MasterCard or American Express card? Select which network you'd prefer, or select "All" if you don't have a preference.
Some credit cards come with an annual fee and some do not. The general rule for this is that the greater the rewards, the larger the annual fee. The annual fee is charged once per year and is added to your credit card statement. If you don't mind paying an annual fee, select I don't mind. If you'd prefer not to pay to use a credit card, select None. Some rewards credit cards have an annual income requirement. Enter either your personal or household annual income here, as it may affect which credit cards you are able to apply for.

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Do you have a preference of whether you want a Visa, MasterCard or American Express card? Select which network you'd prefer, or select "All" if you don't have a preference.
There are a number of lenders and companies that issue credit cards - and they aren't just financial institutions. If you would prefer to get a credit card from one specific credit card issuer, choose the one you want. Otherwise, select All banks. Most credit cards have a minimum credit score requirement. Select your credit score to filter your credit card results based on your credit score and which cards you are most likely to be approved for. If you aren’t sure what your credit score is, select “Not sure”, and your results will be filtered without taking your credit score in to account. If you are currently carrying a balance on another credit card, you may want to take advantage of a balance transfer promotional offer with one of the credit cards listed below. Enter the amount you would transfer to the new card, to find out what the promotional interest rate and period are.

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Some credit cards come with an annual fee and some do not. The general rule for this is that the greater the rewards, the larger the annual fee. The annual fee is charged once per year and is added to your credit card statement. If you don't mind paying an annual fee, select I don't mind. If you'd prefer not to pay to use a credit card, select None. Do you have a preference of whether you want a Visa, MasterCard or American Express card? Select which network you'd prefer, or select "All" if you don't have a preference.
There are a number of lenders and companies that issue credit cards - and they aren't just financial institutions. If you would prefer to get a credit card from one specific credit card issuer, choose the one you want. Otherwise, select All banks. Most credit cards have a minimum credit score requirement. Select your credit score to filter your credit card results based on your credit score and which cards you are most likely to be approved for. If you aren’t sure what your credit score is, select “Not sure”, and your results will be filtered without taking your credit score in to account.
Monthly spending by category
Monthly spending by category

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Credit card Purchase Interest Rate Balance transfer rate Annual fee Net reward (1st year) Monthly interest fee Monthly interest fee Required deposit
14.9% $59
$500
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19.99% $0
$500
Get details
19.8% $59
$75
Get details
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If you need any help comparison shopping, read our frequently asked questions below:

What are secured credit cards?

Similar to the way some loans need to be backed by other assets, secured credit cards are backed by a security deposit. In order to receive a secured credit card, you have to deposit a certain amount of money with the credit card issuer - usually 1-2 times the credit limit available. For example, if you want a secured credit card with a $1,000 limit, you’ll need to deposit $1,000-2,000. The deposit protects the credit card issuer, in the event that you cannot pay your bill.


Why should I get a secured credit card?

Secured credit cards are a great option for people who have no credit history or who need to repair their existing credit history; they can also be great for immigrants who are new to Canada. Whether it’s your first credit card or a way to fix your credit history, secured credit cards allow you to use a credit card and prove to lenders that you can be a responsible borrower.


What are the disadvantages of secured credit cards?

While secured credit cards can be great for building credit, and may be the only option for some Canadians, you should be aware of a few disadvantages. First, compared to unsecured cards, secured credit cards tend to have higher interest rates (above 19.99%). You are also required to give a security deposit and you cannot access these funds while you have the card. Some lenders may also ask you to pay a setup fee, which is a small percentage of your credit limit (i.e. 3.00% of $1,000 = $30 setup fee). These measures aren’t meant to deter you from applying or using the cards; they are simply put in place so you can prove you are serious about being a responsible borrower.


What happens to my security deposit?

While you cannot access the security deposit while you have the secured credit card, your deposit can be placed in a guaranteed investment certificate to collect interest, which will later be returned to you, when your credit improves and you qualify for an unsecured credit card.


How long do you have to use a secured credit card?

If you use your secured credit card responsibly (i.e. pay off your entire balance on time each month), your lender will eventually offer you an unsecured credit card and return your security deposit to you. It could take 12 to 18 months, depending on your prior credit history and how good the lender feels about you as a borrower.


Do I have any other options?

Yes! Although you may not be eligible for most traditional unsecured credit cards, there is a type of card which specialises in offering credit to those with lower credit scores who are looking to re-build their credit. If you have a credit score of at least 500 or above and meet certain conditions, you may be eligible for an unsecured credit card, such as the Affirm MasterCard. However, although this card doesn’t require a security deposit, you should be aware of the higher interest rate before applying.


Other Types of Credit Cards